FEBP vs. TJAN

Last updated Jul 16, 2026

FEBP (PGIM US Large-Cap Buffer 12 ETF - February) and TJAN (Innovator Equity Defined Protection ETF - 2 Yr To January 2027) are both Options Trading funds. Both are actively managed. Over the past year, FEBP returned 15.95% vs 7.15% for TJAN. Their correlation of 0.84 suggests significant overlap in exposure. FEBP charges 0.50%/yr vs 0.79%/yr for TJAN.

Performance

FEBP vs. TJAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM US Large-Cap Buffer 12 ETF - February (FEBP) and Innovator Equity Defined Protection ETF - 2 Yr To January 2027 (TJAN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEBP achieves a 7.65% return, which is significantly higher than TJAN's 3.44% return.

FEBP

• 1D: 0.16%
• 1M: 0.65%
• 6M: 6.91%
• YTD: 7.65%
• 1Y: 15.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TJAN

• 1D: 0.05%
• 1M: 0.50%
• 6M: 3.14%
• YTD: 3.44%
• 1Y: 7.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FEBP vs. TJAN - Yearly Performance Comparison

	2026 (YTD)	2025
FEBP PGIM US Large-Cap Buffer 12 ETF - February	7.65%	12.06%
TJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2027	3.44%	7.43%

Correlation

The correlation between FEBP and TJAN is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	0.84

The correlation between FEBP and TJAN has been stable across timeframes, ranging from 0.84 to 0.89 - a consistent structural relationship.

Return for Risk

FEBP vs. TJAN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FEBP

FEBP Risk / Return Rank: 69
FEBP Sharpe Ratio Rank: 54
FEBP Sortino Ratio Rank: 57
FEBP Omega Ratio Rank: 84
FEBP Calmar Ratio Rank: 64
FEBP Martin Ratio Rank: 86

TJAN

TJAN Risk / Return Rank: 91
TJAN Sharpe Ratio Rank: 92
TJAN Sortino Ratio Rank: 94
TJAN Omega Ratio Rank: 93
TJAN Calmar Ratio Rank: 81
TJAN Martin Ratio Rank: 92

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FEBP vs. TJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM US Large-Cap Buffer 12 ETF - February (FEBP) and Innovator Equity Defined Protection ETF - 2 Yr To January 2027 (TJAN). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FEBP	TJAN	Difference
Sharpe ratio: Return per unit of total volatility	1.52	2.61	-1.09
Sortino ratio: Return per unit of downside risk	2.23	4.00	-1.77
Omega ratio: Gain probability vs. loss probability	1.40	1.53	-0.14
Calmar ratio: Return relative to maximum drawdown	2.60	3.41	-0.81
Martin ratio: Return relative to average drawdown	13.93	17.91	-3.98

FEBP vs. TJAN - Sharpe Ratio Comparison

The current FEBP Sharpe Ratio is 1.52, which is lower than the TJAN Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of FEBP and TJAN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FEBP vs. TJAN - Drawdown Comparison

The maximum FEBP drawdown since its inception was -12.11%, which is greater than TJAN's maximum drawdown of -4.83%. Use the drawdown chart below to compare losses from any high point for FEBP and TJAN.

Drawdown Indicators

	FEBP	TJAN	Difference
Max Drawdown Largest peak-to-trough decline	-12.11%	-4.83%	-7.28%
Max Drawdown (1Y) Largest decline over 1 year	-6.16%	-2.10%	-4.06%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.91%	-0.42%	-0.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.15%	0.40%	+0.75%

Volatility

FEBP vs. TJAN - Volatility Comparison

PGIM US Large-Cap Buffer 12 ETF - February (FEBP) has a higher volatility of 8.14% compared to Innovator Equity Defined Protection ETF - 2 Yr To January 2027 (TJAN) at 0.61%. This indicates that FEBP's price experiences larger fluctuations and is considered to be riskier than TJAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEBP	TJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.14%	0.61%	+7.53%
Volatility (6M) Calculated over the trailing 6-month period	9.72%	2.20%	+7.52%
Volatility (1Y) Calculated over the trailing 1-year period	10.53%	2.75%	+7.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.24%	4.29%	+5.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.24%	4.29%	+5.95%

FEBP vs. TJAN - Expense Ratio Comparison

FEBP has a 0.50% expense ratio, which is lower than TJAN's 0.79% expense ratio.

Dividends

FEBP vs. TJAN - Dividend Comparison

Neither FEBP nor TJAN has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FEBP and TJAN in my portfolio?

FEBP and TJAN have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEBP or TJAN?

FEBP has higher volatility (8.14%) compared to TJAN (0.61%). In terms of maximum drawdown, FEBP dropped -12.11% vs TJAN's -4.83%.

Which ETF is better, FEBP or TJAN?

On 1-year performance, FEBP leads with 15.95% vs 7.15% for TJAN. On fees, FEBP is cheaper at 0.50% per year. On volatility, TJAN has been the lower-risk option at 0.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEBP or TJAN?

Over the 1-year period, FEBP has performed better with a 15.95% return vs 7.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEBP or TJAN?

FEBP is cheaper with a 0.50% expense ratio, compared with 0.79% for TJAN.

Which ETF pays a higher dividend yield, FEBP or TJAN?

FEBP and TJAN have nearly identical dividend yields, around 0.00%.

What is the main difference between FEBP and TJAN?

They also come from different issuers: PGIM and Innovator. Their fees differ too: 0.50% for FEBP and 0.79% for TJAN.

Which has better risk-adjusted returns?

TJAN currently has the higher Sharpe Ratio (2.61 vs 1.52), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.